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Sentry Select Capital Corp. suspends management fees for Sentry Select MBS Adjustable Rate Income Fund II (MGS.UN)

TORONTO: Sentry Select Capital Corp. (“Sentry Select”) announces that, effective May 1, 2008, it has suspended its management fees for Sentry Select MBS Adjustable Rate Income Fund II (the “Fund”) until further notice. Sentry Select also announces that Fixed Income Discount Advisory Company (“FIDAC”) has agreed to waive its investment management fees for Mortgage-Backed Securities Limited Partnership (the “Partnership”), effective May 1, 2008. The Fund obtains exposure to the Partnership through a forward agreement.

On May 16, 2008, Sentry Select announced that FIDAC delivered its notice of resignation as investment manager of the Partnership. The resignation is effective July 14, 2008 or such earlier date as Sentry Select may wish. Following the notice, Sentry Select is examining all options available to the Fund, including identifying a suitable investment manager for the Fund and changing the structure of the Fund with the goal of improving its performance and enhancing the likelihood of the Fund remaining a viable, attractive investment. Such changes would be subject to unitholder approval and may be subject to regulatory approval.

Sentry Select Capital Corp.: Sentry Select Capital Corp. is a Canadian wealth management company that manages approximately $6.5 billion in gross assets as of March 31, 2008. The company offers a diverse range of investment products including closed-end investment funds, mutual funds, principal-protected notes and flow-through limited partnerships, covering a variety of domestic and global mandates.

More information: Investor Services (broker/investor inquiries) Tel:  1-888-246-6656   Fax: 416-364-1197

Certain statements included in this news release constitute forward-looking statements, including, but not limited to, those identified by the expressions ‘‘expect’’, ‘‘intend’’, “will”, “believe” and similar expressions to the extent they relate to Sentry Select. The forward-looking statements are not historical facts but reflect Sentry Select’s current expectations regarding future results or events. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results or events to differ materially from current expectations. Although Sentry Select believes that the assumptions inherent in the forward-looking statements are reasonable, forward-looking statements are not guarantees of future performance and, accordingly, readers are cautioned not to place undue reliance on such statements due to the inherent uncertainty therein. Sentry Select undertakes no obligation to update publicly or otherwise revise any forward-looking statement or information whether as a result of new information, future events or other such factors which affect this information, except as required by law.

Documents (including press releases) regarding the various investment funds that are managed or advised by Sentry are provided for information purposes only and cannot be relied on to be complete, exhaustive or error-free unless the complete set of documents for any given investment fund with respect to which information is being sought is reviewed and then only on SEDAR (